The National Stock Exchange of India (NSE) is not only the world’s largest equity-derivatives exchange but also the backbone of India’s capital markets. As anticipation around its IPO grows, NSE’s unlisted shares have seen significant demand in the grey market.
In 2025, these shares are trading around Rs 2,300, nearly doubling in value over the past 12 months. This surge reflects confidence in NSE’s robust financials, scalable business model, and future growth prospects.
Here are the top five reasons investors should consider NSE unlisted shares.
1. Market Leadership And Scale
NSE dominates India’s equity derivatives segment with over 90% market share and holds a leadership position in cash equities with more than 80% market turnover. It processes billions of transactions annually, with trading volumes growing at a CAGR of 20 to 25 % in recent years. NSE’s scale and near-monopoly position create a significant barrier to entry for competitors, making it one of the most critical financial infrastructures in India.
2. Strong Financial Growth
NSE’s revenues have been growing at a 30% CAGR over the last five years, with annual revenues crossing Rs 12,000 crore in FY25. Net profits stand above Rs 6,000 crore, reflecting industry-leading margins of 50% or more. This is supported by multiple high-margin businesses, not just transaction fees. For investors, this combination of scale, profitability, and cash flow consistency makes NSE one of the most attractive financial sector plays in India.
3. Diversified Revenue Streams
While trading fees remain the largest contributor, NSE has built significant additional revenue sources.
- Data and analytics services: Contribute nearly 15 per cent of revenues.
- Technology infrastructure and co-location facilities: A fast-growing segment used by institutional traders.
- Clearing and settlement services: Provide recurring, predictable income.
- Index licensing and product innovation: NSE’s Nifty family of indices powers ETFs and derivatives across the globe.
This diversification makes NSE resilient even when market volatility affects trading volumes.
4. Attractive IPO Potential
The NSE IPO, valued at over 58 billion dollars in private markets, is one of the most awaited listings in India’s history. If NSE lists at valuations similar to global peers like CME Group or Hong Kong Exchanges, investors in unlisted shares could see significant upside.00 With unlisted shares already trading at around Rs 2,300, analysts suggest IPO pricing could reflect a 25 to 40 % premium, translating into meaningful wealth creation for early investors.
5. Renewed Focus on Governance
Past governance lapses had dented NSE’s image, but the recent appointment of Srinivas Injeti as Chairperson signals a shift. With decades of regulatory and governance experience, Injeti is expected to enhance transparency and global-standard compliance. For long-term investors, this renewed focus on governance strengthens the case for NSE as a trusted, well-run institution poised for global benchmarking.
Conclusion
NSE unlisted shares offer a rare pre-IPO investment opportunity in a company with unmatched market leadership, high-margin financial growth, diversified business lines, strong IPO prospects, and a renewed governance framework. For investors seeking both growth and stability, NSE stands as one of the most compelling opportunities in India’s financial sector today.